GLENVIEW -- Anixter International said Friday it has amended the per share price in its acquisition bid by New York private equity firm Clayton, Dubilier & Rice to $82.50, increasing the deal's total to $3.9 billion.
The revision represents an approximate 15.5% over Anixter's closing price on Oct. 29, and a premium of approximately 30% over the 90-day volume-weighted average price of Anixter's common stock for the period, also ending Oct. 29.
CD & R made the offer for Anixter on Oct. 30, offering a per share price of $81 making the deal worth $3.8 billion. The deal, if approved, would take the publicly-traded industrial electronics company private. The equity firm has agreed to the higher per share price, Anixter said in a statement.
Under the terms of the merger agreement, Anixter can still solicit better proposals from third parties through until Nov. 24. It a better offer is made, Anixter will pay a $60 million break up fee to CD & R.
The transaction is still dependent on the approval of Anixter's stockholders and regulatory approvals.